BMW R&D spend hits a record high

German automotive manufacturer, BMW has announced it will spend its largest annual sum on research and development this year.

The corporate is set to spend $8.6 billion across the year as it looks to expand its presence in the electric and autonomous vehicles market.

"The biggest model offensive in our history is currently in full swing. We are now in phase two. We will be releasing another 20 new and revised models this year," said BMW Group chairman, Harald Kruger.

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